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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 2.4x - 2.6x | 2.5x |
| Selected Fwd EBIT Multiple | 5.4x - 5.9x | 5.6x |
| Fair Value | €1.86 - €1.96 | €1.91 |
| Upside | 15.9% - 22.4% | 19.1% |
| Benchmarks | Ticker | Full Ticker |
| Hapag-Lloyd Aktiengesellschaft | HLAG | DB:HLAG |
| Evergreen Marine Corporation (Taiwan) Ltd. | 2603 | TWSE:2603 |
| Yang Ming Marine Transport Corporation | 2609 | TWSE:2609 |
| A.P. Møller - Mærsk A/S | AMKB.F | OTCPK:AMKB.F |
| ZIM Integrated Shipping Services Ltd. | 2SV | DB:2SV |
| COSCO SHIPPING Holdings Co., Ltd. | C6G | DB:C6G |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| HLAG | 2603 | 2609 | AMKB.F | 2SV | C6G | ||
| DB:HLAG | TWSE:2603 | TWSE:2609 | OTCPK:AMKB.F | DB:2SV | DB:C6G | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 27.1% | 104.9% | NM- | 29.8% | 85.3% | 54.8% | |
| 3Y CAGR | -35.4% | -18.4% | -30.7% | -32.4% | -24.6% | -23.1% | |
| Latest Twelve Months | 128.0% | 354.7% | 1341.1% | 407.2% | 1138.3% | 199.6% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 26.0% | 35.7% | 32.3% | 19.0% | 26.6% | 25.0% | |
| Prior Fiscal Year | 14.0% | 12.0% | -1.2% | 6.7% | -8.7% | 12.8% | |
| Latest Fiscal Year | 13.2% | 33.4% | 30.3% | 10.8% | 29.5% | 24.9% | |
| Latest Twelve Months | 13.2% | 34.8% | 29.7% | 12.4% | 31.4% | 26.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.41x | 0.89x | 0.50x | 0.43x | 0.60x | 0.44x | |
| EV / LTM EBITDA | 7.7x | 2.2x | 1.5x | 2.4x | 2.0x | 1.5x | |
| EV / LTM EBIT | 10.7x | 2.6x | 1.7x | 3.4x | 2.0x | 1.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 1.7x | 2.6x | 10.7x | ||||
| Historical EV / LTM EBIT | -0.1x | 1.9x | 28.1x | ||||
| Selected EV / LTM EBIT | 2.4x | 2.5x | 2.6x | ||||
| (x) LTM EBIT | 64,518 | 64,518 | 64,518 | ||||
| (=) Implied Enterprise Value | 153,507 | 161,586 | 169,666 | ||||
| (-) Non-shareholder Claims * | 137,181 | 137,181 | 137,181 | ||||
| (=) Equity Value | 290,688 | 298,767 | 306,847 | ||||
| (/) Shares Outstanding | 19,314.5 | 19,314.5 | 19,314.5 | ||||
| Implied Value Range | 15.05 | 15.47 | 15.89 | ||||
| FX Rate: CNY/EUR | 8.1 | 8.1 | 8.1 | Market Price | |||
| Implied Value Range (Trading Cur) | 1.85 | 1.91 | 1.96 | 1.60 | |||
| Upside / (Downside) | 15.6% | 18.8% | 22.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | HLAG | 2603 | 2609 | AMKB.F | 2SV | C6G | |
| Enterprise Value | 28,411 | 419,818 | 109,390 | 25,455 | 4,809 | 114,288 | |
| (+) Cash & Short Term Investments | 5,448 | 280,479 | 234,833 | 22,313 | 2,312 | 187,984 | |
| (+) Investments & Other | 1,468 | 43,771 | 32,750 | 0 | 1,131 | 80,317 | |
| (-) Debt | (6,459) | (170,199) | (85,228) | (17,039) | (5,878) | (79,514) | |
| (-) Other Liabilities | (60) | (22,865) | (853) | (1,046) | (6) | (51,606) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 28,807 | 551,003 | 290,892 | 29,683 | 2,368 | 251,469 | |
| (/) Shares Outstanding | 175.8 | 2,165.0 | 3,492.1 | 15.4 | 120.5 | 19,314.5 | |
| Implied Stock Price | 163.90 | 254.50 | 83.30 | 1,933.74 | 19.66 | 13.02 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.12 | 8.12 | |
| Implied Stock Price (Trading Cur) | 163.90 | 254.50 | 83.30 | 1,933.74 | 17.48 | 1.60 | |
| Trading Currency | EUR | TWD | TWD | USD | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.12 | 8.12 | |